The Millionaire Fastlane

My friend MJ Demarco’s book The Millionaire Fastlane is finally finished and will be released in November.  I was one of the lucky one’s who got a pre-release copy last week and I finished the book over the weekend.

I highly recommend this book, and not just because MJ’s my friend, but because his principles of wealth building are solid.

This book teaches you how to create businesses that make six-figures a month!  Not six-figures a year!

You may be shocked to find out that I don’t follow his principles in my businesses.  But that is mainly because my goals in life are different than the ones taught in this book.

For those who don’t know, MJ made his money with a lead generation business.  If you were looking for a limo, you likely found limos.com.  On his site you would enter your limousine requirements and request a quote.  The quote would be sent out to 5 limo companies in your area and those 5 limo companies would be able to send you a quote via email.  Limos.com would charge each limo company $1 for that lead.  Therefore, each vistor would potentially earn the site $5.  If your site had 5000 visitors a day each submitting a quote request, that would translate to $25,000 a day in revenue.  And the best part, his work was about the same whether he had 1 quote or 100,000 quotes.

One of his main points on making millions is that you business must have either scale or magnitude.  Scale is basically the number of potential customers.  Magnitude is the profit per unit.  If you sold 1,000,000 widgets and made $5 each, you make $5,000,000.  You had scale and no magnitude.  If you sold 100 widgets and made $500,000 on each one, you made $5,000,000.  You had magnitude but no scale.

A niche business like mine by definition does not have scale.  That’s why it’s a niche.  It also does not have scale.  I mean it has decent scale of about $40, but not anything that would ever bring in $1,000,000 a year.

Many people limit their scale by the type of business that they start.  For example, if you want to start a coffee shop, your scale is probably limited to the population within a 5 mile radius.  In addition, your magnitude is so small at about $4 profit per sale.  By starting this business, you are already limiting your earnings.

With a coffee shop, your magnitude is always limited.  You can’t charge $20 for a cup of coffee.  To make millions you would need to increase your scale.  To do that you need to open up 10, 20, 50 coffee shops.

This is one of the many points that he outlines in his book.  If the above logic was unfamiliar to you, I highly recommend that you pre-order his book.

Here’s a link to a free chapter download.

http://www.themillionairefastlane.com/download.html

Here’s the link on Amazon, and no it’s not an affiliate link.

Millionaire-Fastlane Book

About Kenric

My blog about living life to the fullest by generating passive income through real estate, business and online investments.
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